Specialty Products: Description

Goods and/or services that are components of customers’ products

Customers expect unique value

  • High level of quality
  • First-rate benefits obtained through use of these components
  • Flexibility and tailoring to customers’ needs
  • Frequent innovation and component improvements

Strong brand

Specialty Products: Production

Typically produced using a batch process

Production’s trade secrets provide a strong competitive advantage

Employees assign ownership rights of their intellectual property (IP) to the firm

Trade secrets are an invisible, but major contribution to a firm’s value

Protection can extend indefinitely

Specialty Products: Marketing

Builds effective relationships with profitable customers’ decision makers

Grows common-sense view of why a product concept solves real-life, customer problems

Looks beyond current view to predict what customers will demand in the future